Risk and Compliance Officer at PACIS Insurance

PURPOSE OF THE JOB

• The job holder is responsible for supporting identification, assessing, and monitoring the potential risks that may hinder the reputation, safety, security, and financial prosperity of the organization and affect its ability to meet its obligations to policyholders as well as supporting development of mitigating plans and loss prevention programs.

KEY RESPONSIBILITIES

Risk Awareness and Implementation

• Participate in the development and implementation of the risk management framework & policy.
• Identification of emerging risks facing the company and advise on severity and management. These includes risks associated with new products and services.
• Assist in regular trainings and creating awareness for the staff on risk management so as to develop an understanding and a healthy risk management culture.
• Ensure that new policies and procedures & amendments of existing ones are verified and analyzed for risk mitigation and compliance.

Risk Mitigation

• Collate and document all the risk incidents from the departments and assign actions for their closure.
• Participate in the development of appropriate robust mitigation actions and follow up the implementation of agreed upon actions.
• Participate in risk assessment for new and revamped products.
• Coordinate with risk champions on updating the risk register and tracking closure of action plans
• Assist risk champions in carrying out risk management responsibilities.
• To monitor & follow up the implementation of agreed upon action plans for risk mitigation.

Risk Evaluation

• Identification of risks on key strategic objectives to update and review risk registers & provide mitigation.
• Assist in preparing relevant risk and compliance reports for the management and the Board Audit & risk committee.
• Continuous identification, monitoring and measuring Key risk indicators and advice on the outcomes
• Conduct regular and timely risk assessment and implementation of Risk & Control self-assessment in assigned business departments

Business Continuity Planning

• Update the company call tree
• Support testing business continuity plans

Compliance

• Support the implementation of the Compliance Management Policy and Framework.
• Monitor and report on compliance with regulatory and supervisory requirements.
• To conduct and document compliance self-assessments for each function in the business unit.
• Ensure compliance to Company’s internal policies and procedures.

Anti-Money Laundering program

• Ensuring customer portfolio is effectively rated and the AML or general compliance monitoring activity is in line with risk categorization.
• Implement the AML training program across the company on customer acceptance, CDD (customer due diligence), Recognition and Reporting of suspicious transactions, staff screening and any other legal obligations in scope of POC (proceeds of crime) & AML Act.
• Support implementation of AML and Counter terrorist financing controls to ensure that all possible areas of AML & CTF concerns are covered.
• Review AML KYCs and ensure they are in line with approved Company policies.

Data Protection and awareness

• Support in stablishing of the Data Protection Act Governance, regulatory framework and implementation plan which shall include development of the various required statements and policies.
• Advising on compliance with the Data Protection Act and other relevant laws and regulations related to data protection.
• Providing status updates to the head of risk and compliance, management on a regular basis (at least monthly) and drawing immediate attention to any failure to comply with the applicable data protection requirements.
• Handling queries or complaints internally or externally regarding data confidentiality and use.
• Serving as the Data Protection Officer and point of contact between the company, the Data Commissioner and other Regulatory Authorities and co-operating with them during inspections by answering any complaints or queries raised with regards to Data Protection.
• Conducting regular audits to identify and mitigate risks related to data protection and privacy.
• Managing data breach incidents and liaising with the relevant authorities in the event of a breach.
• Responding to data subject requests and inquiries related to their personal data and ensuring that the organization has processes in place to respond to such requests.
• Providing training and awareness to staff on data protection laws and regulations and their role in protecting personal data.
• Any other duty as may be assigned from time to time.

KNOWLEDGE AND EXPERIENCE

Qualifications:

• Bachelor’s degree in business, Risk Management, Actuarial Science, Insurance, Law or an equivalent
• Professional certification such as Certified Public Accountant (CPA) or CISA or risk management will be an added advantage.

Experience:

• Two (2) years’ experience in risk management at a similar sized financial services firm. Insurance sector experience is a distinct advantage.

Knowledge

• Understanding of insurance industry
• Proficient in excel and other data visualization tools.

SKILLS AND COMPETENCIES

• Problem solving
• Team player
• Keen to detail.
• Interpersonal skills
• Analytical skills